P.R. Laws tit. 7, § 582
The Bank shall be and is hereby authorized to act as paying or co-paying agent, with or on behalf of the Secretary of the Treasury of Puerto Rico for the payment of interest and principal of bonds, notes or other evidences of indebtedness issued by the Commonwealth Government and its agencies, and by the Secretary of the Treasury of Puerto Rico and by or on behalf of the municipalities of Puerto Rico, on such terms as may be agreed upon by and between the Bank and the Secretary of the Treasury of Puerto Rico. No agency of the Commonwealth Government nor municipality thereof, shall select any other bank, trust company, individual, partnership, or corporation to act as such paying agent or co-paying agent for such purposes, unless the Secretary of the Treasury of Puerto Rico shall otherwise determine.
History —May 15, 1945, No. 272, p. 952, §§ 2, 15.